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Home Economy CBN boosts Forex Market with $210m
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CBN boosts Forex Market with $210m

By
Prnigeria
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January 23, 2018
CBN
CBN
CBN boosts Forex Market with $210m
The Central Bank of Nigeria (CBN) has boosted the inter-bank Foreign Exchange Market with the sum of $210million, to meet customers’ requests in various segments of the market.
In its quest to meet the customers’ needs in the sundry segments of the market, the CBN offered $100million to authorized dealers in the wholesale segment of the market, while the Small and Medium Enterprises (SMEs) segment got the sum of $55 million, according to figures obtained from the Bank on Monday, January 22, 2018.  The figures also indicated that customers needing foreign exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others, were allocated the sum of $55 million.
Mr. Isaac Okorafor, the Bank’s Acting Director, Corporate Communications Department (CCD), reiterated the Bank’s determination to continue to intervene in the interbank foreign exchange market, in line with its pledge to sustain liquidity in the market and maintain stability. According to Mr. Okorafor, the CBN will continue to manage the forex with a view to reducing the country’s import bills and halting accretion to its foreign reserves.
It will be recalled that in the past week, the CBN intervened in the Retail Secondary Market Intervention Sales (SMIS) to cater for requests in the airlines, agricultural, petroleum products and raw materials and machinery sectors.
Meanwhile, the naira continued its stability in the FOREX market, exchanging at an average of N361/$1 in the BDC segment of the market on Monday, January 22, 2018.
By PRNigeria
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Local Government Autonomy Not Negotiable — FG DeclaresNigeria’s Future Rests on Smart Defence Management — Badaru to Military LeadersCustoms Hands Over 99.2bn Worth of Illicit Pharmaceutical Products to NAFDACTroops Intercept 3 Gunrunners, Seize Weapons, Cash in KadunaTroops Bust IPOB/ESN Logistics Network, Arrest Informants in Southeast — DHQSoludo and Radda’s Candid Confessions on Homegrown Terror By Tahir AhmadRat Story Was a Smokescreen to Divert Attention from Buhari’s Health - Garba Shehu RevealsNigeria's Second Chance at a Global Cashless Future By Fatimah Yusuf UsmanAir Chief Rallies New Intelligence Officers for Proactive Security ResponseCustoms, NAFDAC Activate MoU to Fight Substandard Products By Abdullah MaiwadaNELFUND Resumes Monthly Upkeep Payments, Credits Over 3,600 StudentsNNPCL Must Account for ‘Unreconciled’ N210tr in Financial Statements - Senate InsistsPresidency Debunks Misleading Reports on VP Shettima’s Remarks at Book LaunchPolice Arrest, Repatriate Chinese Fugitive Wanted for Tax FraudMurder of Wedding Guests: Plateau Court Remands 20 Suspects
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